Australian financial giants in £550m battle for OMGI buyout

"Small handful" of bidders

clock • 1 min read

Two Australian financial services firms have engaged in a £550m bidding war for Old Mutual Global Investors (OMGI), the asset management arm of Old Mutual, according to reports.

Challenger and Macquarie Investment Management are two of a "small handful" of bidders for the £25bn stake in the asset management arm of the Anglo-South African financial services group, according to Sky News. Other names in the frame for the buyout of Old Mutual Global Investors (OMGI), led by CEO Richard Buxton, include TA Associates, which has previously invested in such household names as Jupiter Asset Management. According to Sky News, parent Old Mutual is expected to announce the details of the sale of its fund management unit before year-end, but it is unclear if another trade...

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